MIRA INFORM REPORT

Report No. :	345203
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	SWATI PETRO PRODUCTS PRIVATE LIMITED
Registered Office :	B-18, Chemical Zone, MIDC Industrial Area Old, Bhindipada, Ambarnath - 421501, Maharashtra
Tel. No.:	91-251-2684285
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.08.1993
Com. Reg. No.:	11-073680
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U51490MH1993PTC073680
IEC No.:	0307006646
TAN No.: [Tax Deduction & Collection Account No.]	PNES14013G/ MUMS20371B
PAN No.: [Permanent Account No.]	AABCS4626G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Quality Saccharin, P.T.S. Chloride and Other Fine Chemicals
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 60000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1993 and it is a manufacturer of quality saccharin, chloride and other fine chemicals. The company possesses moderated operational performance and it has incurred losses from its operational activities. Rating remain constrained on account of company’s moderate financial risk profile marked by low reserves base along with huge borrowings and weak debt protection indicators of the company. Trade relations are reported as fair. Payments are reported to be low but correct. In view of operational losses, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Haresh Raheja
Designation :	Accountant
Contact No.:	91-251-2684285
Date :	13.10.2015

LOCATIONS

Registered Office / Factory 1 :	B-18, Chemical Zone, MIDC Industrial Area Old, Bhindipada, Ambarnath – 421501, Maharashtra, India
Tel. No.:	91-251-2682581 / 5692507 / 2603637/ 2684285
Fax No.:	91-251-2684285
E-Mail :	ca_kspeshori@hotmail.com swati.saccharin@gmail.com
Website :	www.swatipetro.com
Location:	Owned
Locality:	Industrial
Factory 2:	Morivali, Ambernath, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Tarun Satyaprakash Gupta
Designation :	Director
Address :	Plot No.445, Sarvodya CHS, Sai Section, Ambernath, Thane – 421501, Maharashtra, India
Date of Birth/Age :	25.06.1978
Date of Appointment :	27.08.1993
DIN No.:	00137328
Name :	Mr. Davinder Satyaprakash Gupta
Designation :	Director
Address :	Sampati Bhavan, Subhash Gas, Kurukshetra – 136118, Haryana, India
Date of Birth/Age :	18.02.1972
Date of Appointment :	27.08.1993
DIN No.:	01528561
Name :	Kamlarani Satyaprakash Gupta
Designation :	Director
Address :	Sampati Bhavan, Subhash Gas, Kurukshetra – 136118, Haryana, India
Date of Birth/Age :	21.04.1941
Date of Appointment :	27.08.1993
DIN No.:	01528496
Name :	Mrs. Priyanka Vinay Gupta
Designation :	Director
Address :	339/7, Subhasa Gali, Thanesar Kurukshetra – 136118, Haryana, India
Date of Birth/Age :	26.04.1976
Date of Appointment :	27.08.1993
DIN No.:	01820648

KEY EXECUTIVES

Name :	Mr. Haresh Raheja
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kamlarani Satyaprakash Garg	50000	25.00
Davinder Satyaprakash Gupta	50000	25.00
Tarun Satyaprakash Gupta	50000	25.00
Priyanka Vinay Gupta	50000	25.00
Total	200000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Quality Saccharin, P.T.S. Chloride and Other Fine Chemicals
Products :	P.T.S. Chloride Fine Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Turkey Russia South Africa
Terms :
Selling :	Cash, L\C and Credit
Purchasing :	Cash, L\C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Tirupati Enterprises

· SS Chemicals

· Goyal Manufactures and Traders

· Interpot Logistic Private Limited

· R.K. Traders

· Suneeta Chemicals Private Limited

· Shree Mahadev Lubricants

· Shree Balaji Plastics

· Satguru Industries

· Hetal Chem Impex

· Dev Overseas

· Aarti Industries Limited

Customers :

· AE International

· Amravati Essence Mart

· Arora Bros.

· Indian Trading India Private Limited

· K N Chemicals

· Mehta Chem

· Shivam Dye Chem

· Sitamani Organics Private Limited

· Tenex Chemicals

· Whetro Enterprises

· D.K. Pharma Chem Private Limited

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

· Oriental Bank of Commerce

Banker Name	Dombivli Nagri Sahakari Bank Limited
Branch Address	Sunflower, Shivaji Chowk, Ambernath Branch, Ambernath - 421501, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans – from Banks
Dombivli Nagari Sahakari Bank Limited (Bank O/D)	0.000	14.222
Kotak Mahindra Prime Limited (Merc)	0.785	1.872
Term Loan 15	6.825	7.345
Term Loan 293	12.244	7.986
Term Loan A/c 14	3.308	4.229
SHORT TERM BORROWINGS
Other Loans and Advances
Cash Credit with DNS Bank (Secured by Land and Building; Plant and Machinery)	16.535	0.000
Kotak Mahindra Prime Limited Mer (secured by Car)	0.000	0.987
HDFC Car Loan	0.000	0.142
Kotak Mahindra Prime Limited	0.000	0.149
Total	39.697	36.932

Auditors :
Name :	K S Peshori and Company Chartered Accountants
Address :	201, Maruti Shopping Complex, Behind Tilsons, Ulhasnagar, Thane – 421003, Maharashtra, India
Tel. No.:	91-251-2731994
PAN N Income-tax PAN of auditor or auditor's firm :	ABAPP3240N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.100/- each	Rs. 21.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	0.988	3.618	6.002
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	20.988	23.618	26.002
(3) Non-Current Liabilities
(a) long-term borrowings	75.865	68.478	27.137
(b) Deferred tax liabilities (Net)	0.036	0.189	0.000
(c) Other long term liabilities	0.279	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	76.180	68.667	27.137
(4) Current Liabilities
(a) Short term borrowings	16.534	1.277	5.308
(b) Trade payables	29.253	29.369	20.816
(c) Other current liabilities	5.452	1.210	0.842
(d) Short-term provisions	0.000	3.069	1.708
Total Current Liabilities (4)	51.239	34.925	28.674
TOTAL	148.407	127.210	81.813
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.505	46.559	2.968
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	27.404
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.154	0.154	0.154
(c) Deferred tax assets (net)	0.000	0.000	0.274
(d) Long-term Loan and Advances	1.627	1.188	0.560
(e) Other Non-current assets	0.372	0.000	0.000
Total Non-Current Assets	43.658	47.901	31.360
(2) Current assets
(a) Current investments	11.558	2.257	7.829
(b) Inventories	36.063	32.413	1.856
(c) Trade receivables	47.906	32.299	34.598
(d) Cash and cash equivalents	0.230	1.075	1.111
(e) Short-term loans and advances	0.000	0.000	5.059
(f) Other current assets	8.992	11.265	0.000
Total Current Assets	104.749	79.309	50.453
TOTAL	148.407	127.210	81.813

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	NA	NA	NA
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	10.015	4.319	5.583
FINANCIAL EXPENSES	6.887	3.628	3.923
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.128	0.691	1.660
DEPRECIATION/ AMORTISATION	5.912	2.612	0.845
PROFIT/ (LOSS) BEFORE TAX	(2.784)	(1.921)	1.179
TAX	(0.154)	0.463	0.363
PROFIT/ (LOSS) AFTER TAX	(2.630)	(2.384)	0.816
TOTAL EARNINGS	0.000	0.000	0.000
Earnings / (Loss) Per Share (Rs.)	(13.15)	(11.92)	4.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.172	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.88)	(1.51)	2.18
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.08)	0.05
Debt Equity Ratio (Total Debt /Networth)		4.46	2.95	1.25
Current Ratio (Current Asset/Current Liability)		2.04	2.27	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	6.002	3.618	0.988
Net worth	26.002	23.618	20.988
long-term borrowings	27.137	68.478	75.865
Short term borrowings	5.308	1.277	16.534
Total borrowings	32.445	69.755	93.571
Debt/Equity ratio	1.248	2.953	4.458

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

During the year, the operation of the Company resulted in a Loss of Rs.2.630 Million after taxation of Rs.0.154 Million as against a loss of Rs. 2.384 Million in the previous year.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Devenderkumar Gupta (Director)	15.455	9.245
Kamlarani Garg (Director)	5.326	2.471
Monika Gupta	5.790	4.481
Priyanka Gupta (Director)	4.869	2.652
Ritu Gupta	7.121	1.532
Tarun Gupta (Director)	14.141	12.442
Total	52.702	32.823

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10418242	17/10/2012	56,000,000.00	DOMBIVLI NAGRI SAHAKARI BANK LIMITED	SUNFLOWER,, SHIVAJI CHOWK, AMBERNATH BRANCH, AMBE  RNATH, AMBERNATH, MAHARASHTRA - 421501, INDIA	B66108630
2	10380296	14/08/2012	25,000,000.00	DOMBIVLI NAGRI SAHAKARI BANK LIMITED.	SUNFLOWER,, SHIVAJI CHOWK, AMBERNATH BRANCH, AMBE  RNATH, AMBERNATH, MAHARASHTRA - 421501, INDIA	B59580084
3	90149460	17/02/2013 *	31,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	45, SUNFLOWER BLDG,, SURYODAYA CHS , AMBERNATH, AMBERNATH, MAHARASHTRA - 421501, INDIA	B71095087
4	90231183	27/06/2006 *	4,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	SUNFLOWER, SHIVAJI CHOWK, AMBERNATH, MAHARASHTRA  - 421501, INDIA	-

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Computer

· Plant and Machinery

· Electrical Fitting

· Equipment

· Furniture

· Electric Motors

· Land

· Motor Pump

· Motor Bike

· Mobile Instrument

· Fax Machine

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.